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Education Loan Assistance

Education Loan Assistance

education loan

For becoming successful in life, nothing is more important than a quality education. But higher education is very costly in India. In the last few years, the number of students choosing Educational Institutes of abroad has increased exponentially. Additionally, with the increase in the expenses of quality education abroad, number of students applying for education loan has also increased. Today, a number of banks and lenders are offering loans to students for higher education.

Moreover, Education Loan can also be applied to study in Indian Colleges. But there is some difference between the requirements for both types of education loans-Overseas and Indian education loans. Generally, student must keep in mind the following criteria before applying for education loan:

  • Generally, loan amount less than 4 lakhs do not require any guarantor.
  • A co-applicant like parents, a sibling or a spouse is must with the application of loan.
  • A third party guarantor is required for loans between Rs 4-7.5 lacs.
  • If a student needs loan above Rs 7.5 lacs, then Collateral should be provided.
  • There is no restriction to repay the borrowed amount immediately. It should be repaid within 6 to 12 months of the completion of course.
  • Once the main applicant goes abroad, lender recovers the balance amount from co-applicant.
  • Female students get discounts or lower interest rates for education loans.

Documents Required

Study Abroad

  • Mark sheet for last qualifying examination
  • Admission Proof
  • Schedule of expenses for the course
  • Copy of letter with confirmation of scholarship, (if any)
  • Copy of Foreign Exchange permit (if available)
  • Two passport-sized photographs
  • Statement of borrowers bank account for last six months
  • Income Tax assessment order, not older than two years
  • Brief statement of Borrower's Assets and Liabilities

Study in India

  • SSC,HSC or Graduation mark sheets (if applicable)
  • Age Proof
  • Signature Proof
  • Identity Proof
  • Residence Proof
  • Application Form and Photographs
  • Income Documents of parents/guardian
  • Collaterals in the form of FDs / Immovable Property

Benefits of Education Loan

benefits of education loan

Mostly, lenders have their own criteria to develop the loan's upper limit, the interest rate, period and mode of repayment. Lenders sanction education loans which usually based on the quality of the institution, relevant course and credit worthiness of the guarantor. Education loan is beneficial for students who want to pursue higher studies but don't have enough financial support.

Education Loan usually covers:

  • Tuition Fees
  • Examination, library, laboratory and hostel charges.
  • Cost of purchasing books, equipment, instruments and uniform
  • Travel expenses for study abroad
  • Caution money, refundable deposit, etc.
  • Exchange programs and projects

How we can help in getting Overseas Education Loan?

immigration consultancy

Quality education is the basic need to create a successful life for a student. With the increasing annual fee-structure, quality education is becoming very difficult for a student. Moreover, students have desire to go abroad to get International degree. According to the report of UNESCO Institute for Statistics 2016, approximately 181,872 Indian students pursued their higher education abroad. If you are an aspiring student to apply for an abroad education loan, then you are on the right track. Pyramid eServices will guide and help you until loan sanction. We are serving nation and students by providing our top-notch guidance and education consultancy services to students.

Pyramid helps in making loan and visa process easier by making them able to identify best course opportunities for them in abroad. Expert and dedicated staff of Pyramid offers valuable advice to student in order to help them in finding best College and University in famous countries like Canada, US, Australia and more. Additionally, when you need any kind of help, then our team of experts is just a phone call or email away.

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